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Lloyds puts 60% St James's Place stake on the market

by Dylan Lobo on Apr 18, 2011 at 11:27

Lloyds puts 60% St James's Place stake on the market

Lloyds Banking Group is looking for a buyer for its 60% stake in St James’s Place (SJP), according to the Sunday Express.

The report suggests SJP is valued at an estimated £1 billion but is not considered a core asset by new Lloyds chief executive Antonio Horta-Osorio (pictured).

The Express claimed SJP would be sold via either a public offering or offered to a select group of buyers.

Lloyds recently announced the sale of a number of businesses although most of these have been related to its acquisition and integration of HBOS.

Last week it announced 325 jobs were to go as part of the integration, following its announcement last month it was cutting 570 jobs and would close the Cheltenham & Gloucester (C&G) mortgage range sold through advisers.

SJP recently announced the appointment of Colin Jelley as private client director and Vivian Bazalgette as a non-executive director.

A Lloyds spokesman said the group would not comment on market speculation.

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